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Oil Prices Extend Decline

Oil prices were slightly lower Friday but showed little reaction to news that OPEC would maintain current output levels, as worries of a possible U.S. recession weighed on crude futures, according to the Associated Press.

Claims for unemployment benefits in the United States jumped by 69,000 last week, the Labor Department said, more than three times what economists expected.

Light, sweet crude for March delivery lost 39 cents to $91.36 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

Posted by Peter C. T. Elsworth  at 10:08 AM to Crude oil market | Permalink

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